Azerbaijan’s Oil Fund to buy up to 40 tons of gold until 2015
Baku, Fineko/abc.az. The State Oil Fund of Azerbaijan (SOFAZ) has unveiled its plans on investment in tangible assets - physical gold and real estate.
SOFAZ executive director Shahmar Movsumov says that since the beginning of 2013 the Fund has bought 26 tons of gold and more than half of this amount has already been delivered to the country.
"This year we are going to buy 30 tons of gold and another 10 tons at current prices next year," Movsumov said.
As a result, for 2013-14 the Fund will purchase 40 tons of gold.
SOFAZ gold assets delivered to Azerbaijan are placed in storage in the Central Bank.
"By the end of the year we also plan to purchase the property, which is located in the Asian region," Movsumov added.
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